One problem with using a command-and-control approach to pollution reduction is that the monitoring costs may be too high

A recession is best defined as a period during which: a. the percentage of the population employed increases. b. employment, output, and income decrease

c. the average price level in an economy decreases. d. the usage of labor and capital resources increases. e. budget deficit and trade deficit decrease.

If the consumer price index falls from 120 to 116 in a particular year, the economy has experienced:

A. inflation of 4 percent. B. inflation of 3.33 percent. C. deflation of 3.33 percent. D. deflation of 4 percent.